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  • Updated: October 07, 2022

Globacom Introduces Banking Payment Platform

Globacom Introduces Banking Payment Platform

Nigeria's telecom industry Globacom has established a platform for banking payment services dubbed MoneyMaster PSB to assist the unbanked and underbanked.

Glo in a statement on Friday stated that the objective was to give Nigerians endless opportunities, which would empower them.

"MoneyMaster will be leveraging on Globacom’s pan-Nigerian spread and pervasive agents’ footprint in the rural and urban areas as it begins its massive rollout.

"To open an account, all the customer needs to do is dial *995# then follow the prompts from a Glo line or from any other telecommunications network as MoneyMaster PSB is network agnostic.

"MoneyMaster PSB is poised to redefine the payment service banks’ landscape while driving financial inclusion in Nigeria,’’ it said.

One of the main benefits of the MoneyMaster product, according to Glo, is that the customer's phone number will be utilised as their account number.

Glo expressed its appreciation to the CBN for the chance to further financial inclusion in Nigeria by utilising its cutting-edge technologies and extensive network.

According to data supplied by the Nigeria Inter-Bank Settlement System (NIBSS), there were 133.5 million bank accounts in Nigeria as of December 2021, but only 54 million BVNs were registered as of April 10, 2022, leading to the need for the platform, the report claimed.

According to Glo, MoneyMaster PSB received a licence from the CBN to operate as a payment service bank on August 27, 2020, while PSB began doing business on May 30, 2022.

It stated that the customer's phone number will be utilised as their account number, which was a crucial component of the MoneyMaster programme.

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